4 Ideas for Funding Your Travel Abroad

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Most people like to travel for recreational purposes. Most people dream of traveling abroad to exotic destinations like Paris, Venice, Hawaii etc. As these places are out of our country it requires a lot of money and formalities to be completed in order for your visa to be approved. There are visas, tickets, hotels and many things that you need to consider, but the most important thing is finance. You can take various measures to arrange your finance to travel abroad.

1. Personal Loan for Travel.

While traveling abroad, you need to have a lot of money for the ticket, visa, hotel, transport etc. These costs can range from a few thousand to a few lakhs depending on the destination of your travel. At such a time, you can opt for a personal loan from the bank. The banks will provide you a travel loan for funding your vacation. The applicant just has to follow the same procedure as any other personal loan. You have to be careful as the interest rate of personal loan ranges from 10 percent to 20 percent. So you need to refer to the banks which will provide you the loan with the lowest possible interest rates.

  1. You Can Save for Your Trip.

By far this is the most common idea that people opt for while planning to travel. This is one of the most basic ways to finance your trip. You can start saving for your trip according to the estimated cost of the trip. You can use bank deposits and mutual funds to arrange your finance for the trip. If you are planning to go on a trip after some time, you can choose to invest in shares and other funds. This can increase the chances of better financing solutions. While investing, you have to consider the risk of rising and fall of the prices in the share market.

  1. Get an International Credit Card.

You can manage your finance for the trip by getting a credit card; however, a credit card is a type of an unsecured loan from the bank. The bank provides you with the credit card based on your deposited amount in your bank. They come with a limit of spending which cannot be exceeded by the applicant, but the credit cards come with a high-interest rate which can be a cause of trouble when it comes to repaying the loan.

  1. You Can Refer a Travel Advisor.

While planning a trip, you must take the help of a trip advisor as they can help you get the best deals and prices for your travel. A trip advisor can help you manage your trip by advising you the best ways you can save the most of your money on your trip. Some travel advisors also help you arrange the loan for your travel. They can refer you to the various Non-Banking Finance Companies (NBFCs) who provide secured and unsecured loans. These NBFCs approve loan faster and on shorter notice. They charge you an interest rate based on your credit score. You can pay them back in the form of EMIs when the loan is approved or when the journey is completed.

The aforementioned ways can be used to make you dream a reality. Traveling to an exotic location with your family can be one of the most treasured memories that you have in your lifetime. While making these memories, you need to make sure that you do not miss out on any fun just because you don’t have the means to pay for it.

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Arwind Sharma

I am a Financial Advisor with an experience of more than 7 years.I had worked for top Financial Firms in India and has been a visiting faculty at many reputed institutes. I have done my post-graduate in Business Economics, from Princeton University, USA. During my free time, i teaches children from marginalised sections of society and also work on my Blog.


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